H. Fundamentally, economics is the study of choice because 1. resources are scarce relative to 2. our wants. Home > Business Economics > Page 1 Business Economics 1. •Using a decision-making grid can help you decide if you are willing to accept the opportunity cost of a choice you are about to make. Macroeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. –We always face an opportunity cost. Economics is the study of production, distribution and consumption of goods and services whether in a city, country or a single business. Religious liberty refers to the rights to adopt and preach any religion of their choices and no interference from the state in this matter. Economics Paper 2: 9708/21 –Data Response and Essay (core) – Download Paper – Download Mark Scheme Dealing only micro aspects B. SURVEY . - Louisiana Purchase - Embargo Act - Macon's Bill No. Due to scarcity, choices must be made. Both on paper and in real life, there is a solid relationship between economics, public choice, and politics. Microeconomics consisting on individual decision making and 2. June 2018 – CIE A-Level Economics Past Papers. ... answer choices . 3. Economic liberty refers to equal wages and work opportunities to all and absence of exploitation, unemployment, unfair wage, insecurity, etc. 2. Everyone’s goal is to make choices that maximize their satisfaction. J. – Scarcity forces all of us to make choices by making us decide which options are most important to us. Thus, people need to make choices in Everyone acts in their own “self-interest.” 4. •Checkpoint: Why does every choice involve an opportunity cost? True or false: The three main decisions that must be addressed by an economic system include what goods are to be produced, who will produce them, and where they will be produced. Chapter 7, Question 1 a: Choose ONE of the choices below and explain why your choice best demonstrates how Presidents Jefferson and Madison largely relied on economic policies to carry out their foreign policies. Only a normative science C. Deals with practical aspects D. All of the above All of the above View answer Correct answer: (D) 2. Tags: Question 16 . Every choice has a cost (a trade-off). households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. Nationalism and Militarism. Managerial Economics is A. – The principle of scarcity states that there are limited goods and services for unlimited wants. The economy is one of the major political arenas … Society’s wants are unlimited, but ALL resources are limited (scarcity). False __________ is the discipline of economics concerned with individual units such as a person, household, firm or industry. 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